UAE retains Top 10 ranking as importer of Swiss watches and credited with market viability and sustainability for Swiss timepieces
Cumulative 2013 figures released by the Federation of the Swiss Watch Industry have ranked the UAE as the primary Middle Eastern country to continue to factor in the Top Ten list of importers of Swiss timepieces. Valued at 934.1 million Swiss Francs, the Swiss imports to the UAE are up a staggering 36 % since 2011 and 9 % since 2012, reflecting returning consumer confidence and the strengthening position of the UAE’s luxury retail market in 2013.
In 2013, Asia (including the Middle East category) imported the maximum number of watches and accounted for 52 % of global imports. Out of this, the Middle Eastern markets absorbed 9 % of all imports, spread primarily across the UAE and followed by Saudi Arabia, Qatar and Kuwait.
Commenting on the strong results Mr. Christophe Nicaise, CEO of the region’s leading timepiece retailer, Ahmed Seddiqi & Sons stated, “The bourgeoning luxury timepiece industry is just one example of Dubai’s credibility as a stable and progressive market, with growing demand from both market segments, namely residents and tourists. Simultaneously, we are also seeing an increase in demand from watch brands to enter the UAE market and having such significant volumes of Swiss timepieces being offered in the Emirates is a source of great pride for us. It also demonstrates that the UAE is following through with the vision of its leaders and fast emerging as a leading and progressive nation, capable of offering some of the world’s most coveted items to even the most selective taste.”
In 2013, Dubai played host to the “Oscars of the Watch industry” the Grand Prix d’Horlogerie de Genève (GPHG) exhibition on its first ever stop in the Middle East. Industry events such as the GPHG have positioned the UAE as an important international market as it continues to gain prominence and stature across the horological industry.
For further information on Ahmed Seddiqi & Sons, please contact Zaib Shadani at The Portsmouth Group on +971 4 369 3571
Omar Abdraboo on +971 4 369 3575